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\begin{tabular}{lcc} \hline
 & (1) & (2) \\
VARIABLES & FD\_l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h \\ \hline
 &  &  \\
FD\_l\_va\_agg & -0.179 &  \\
 & (0.150) &  \\
l\_va\_agg &  & -0.0369 \\
 &  & (0.0698) \\
Constant & 8.84e-06 & 0.669 \\
 & (0.000186) & (1.362) \\
 &  &  \\
Observations & 3,025 & 3,025 \\
R-squared & 0.024 & 0.967 \\
Sector FE & Yes & Yes \\
 Cluster & Sector & Year \\ \hline
\multicolumn{3}{c}{ Sample} \\
\multicolumn{3}{c}{ Robust standard errors in parentheses} \\
\multicolumn{3}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
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